Michigan State Exemption List
Federal and State Exemptions Allowed
In the state of Michigan you can use either the State of Michigan Bankruptcy Exemption List or the federal bankruptcy exemption list. There may be certain federal supplemental exemptions you can use if you choose the state exemption list. All exemptions should be discussed with your Michigan Bankruptcy Attorney.
Michigan has created bankruptcy exemptions to allow you to maintain enough public benefits, wages, personal property and insurance to start over after filing bankruptcy in Michigan. There may be certain residency requirements to use the State of Michigan Bankruptcy Exemption List
The following table will outline the Michigan Bankruptcy Exemptions. Some of your property or assets may not have a matching exemption.
| Exemptions | Exemption Amount | Statutes |
|---|---|---|
| Homestead | Real property including condo to $3500; property cannot exceed 1 lot in town, village, city, or 40 acres elsewhere Spouse or child of deceased owner may claim homestead exemption Property held as tenancy by the entirety may be exempt against debts owed by only one spouse |
559.214, 600.6023(1)(h), (I), 600.6023(3), 600.6027 SNB Bank & Trust v. Kensey, 378 N.W. 2d 594 (Ct. App.Mich. 1985) |
| Personal property | Appliances, utensils, books, furniture & household goods to $1000 total Building & loan association shares to $1000 par value, in lieu of homestead Burial plots, cemeteries; church pew, slip, seat Clothing; family pictures 2 cows, 100 hens, 5 roosters, 10 sheep, 5 swine; hay & grain to last 6 months if you’re a head of household Food & fuel to last 6 months if you’re a head of household |
600.6023(1)(b) 600.6023(1)(g) 600.6023(1)(c) 600.6023(1)(a) 600.6023(1)(d) 600.6023(1)(a) |
| Public benefits | AFDC Crime victim’s compensation Social welfare benefits Unemployment compensation Veterans’ benefits for Korean War veterans Veterans’ benefits for Vietnam veterans Veterans’ benefits for WWII veterans Workers’ compensation |
330.1158a 18.362 400.63 421.30 35.977 35.1027 35.926 418.821 |
| Insurance | Disability, mutual life or health benefits Fraternal benefit society benefits Life, endowment or annuity proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors |
600.6023(1)(f) 500.8181 500.4054 |
| Miscellaneous | Property of business partnership | 449.25 |
| Pensions | Firefighters, police officers ERISA-qualified benefits IRAs Judges Legislators Probate Judges Public school employees State employees |
38.559(6) 600.6023(1)(k) 600.6023(1)(l) 38.825 38.1057 38.925 38.1346 38.40 |
| Tools of trade | Arms & accoutrements you’re required to keep Tools, implements, materials, stock, apparatus, team, motor vehicle, horse & harness to $1000 total |
600.6023(1)(a) 600.6023(1)(e) |
| Wages | 60% of earned but unpaid wages for head of household; else 40$; head of household may keep at least $15 per week plus $2 per week per non-spouse dependent; other may keep at least $10 per week | 600.5311 |
| Wild Card | NONE |
